SINGAPORE – Property developer Oxley Holdings has exercised options to purchase all eight units of the Apartment 8 freehold development in the Potong Pasir neighbourhood for S$21.53 million in total.

The sellers of the development, located at 21 Meyappa Chettiar Road, have already been paid S$215,300 in aggregate upon the granting of the options, and a further S$861,200 upon the Oxley’s exercise of the options. The balance will be paid upon completion of the purchase, scheduled to be March 2018.

Oxley says it intends to redevelop the property, which sits on a 898.1 sq m site that is zoned for residential use.

The developer is funding the purchase through internal resources and bank borrowings, and says the purchase is not expected to have a material impact on the company’s financials.

Jervois Green, a four-storey freehold development at 100A Jervois Road, has been sold for $52.9 million to investors led by Mr Mike Ho, a third-generation owner of Spring Court, one of Singapore’s oldest Chinese restaurants.

The price works out to a land rate of $1,601 per square foot per plot ratio, inclusive of an estimated $6.95 million development charge.

Colliers International, which brokered the deal, said the sale price was 10 per cent higher than the owner’s asking price of $48 million when the tender was launched on Nov 7. Continue reading →

A developer run by property tycoon Robert Kuok has scooped up two collective sale sites in the upscale Bukit Timah area.

Allgreen Properties acquired Royalville for $477.94 million or $1,960 per sq ft per plot ratio (psf ppr), well above the $368 million asking price, perhaps because the site is near the Sixth Avenue MRT station.

SINGAPORE – A mixed development site along Yio Chu Kang Road has been launched for tender on Nov 28 with a reserve price of around S$22 million.

The Stradia, a mixed development site built in the 1990s and located at 78 Yio Chu Kang Road, consists of eight residential units and three retail shops. It is located near Serangoon Garden Village, NEX Mall and Serangoon Stadium.

It is a case of third time lucky for owners at How Sun Park after they finally sold their estate en-bloc – reaping a knockout price in the process.

A unit of the SingHaiyi Group is paying $81.09 million for the freehold estate comprising a three-storey development of 20 townhouses. Owners will get about $4.05 million per unit – slightly more than twice what they would have received had their units been sold individually.

The most recent transaction in the development was three months ago, at just under $1.9 million. Continue reading →